Forex: USD/JPY breaks 88.50 on Abe headlines

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FXstreet.com (Barcelona) - It seems as though calls for the USD/JPY reaching a temporary peak will have to be re-assessed, as USD/JPY keeps its glorious run north, with the spot rate just gapping higher over 30+ pips in the blink of an eye after 88.35 got blown, and with it, hopes that the pair may be drawing a double top. The highest so far is observed at 88.70, an 18-month high.

The surge seems to owe most if not all the renewed bullish flair to a Nikkei article noting that the Japanese government is also planning an agreement with the BOJ to start targeting unemployment. Technically, the break higher opens up 89.00 round number ahead of notable resistance at 89.15. More aggressive traders will probably be targeting the big psychological 90.00 handle.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.



This article appears in: Investing , Forex and Currencies

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